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Two large banks are preparing for huge losses – related to the hedge fund – Taloussanomat

Credit Suisse of Switzerland and Nomura of Japan have said they could suffer a significant loss related to the U.S. hedge fund.

29.3. 11:48

Swiss bank Credit Suisse Group and Japan’s Nomura are both warning that they could suffer a significant loss in the first quarter. The potential loss relates to a U.S. hedge fund whose name is not disclosed by the banks.

According to Credit Suisse, the loss may have a very significant effect on its January-March result, but it is still too early to determine the exact amount.

In its report today, Credit Suisse says that the fund has not been able to meet the margin call requirement set for it, ie to provide the necessary additional collateral.

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Earlier, the Japanese Nomura also warned of a significant potential loss related to a U.S. customer. Neither did it disclose the customer’s name.

People who remain anonymous tell the news agency To Bloombergthat losses are related Bill Hwangin To Archegos Capital Management, which had to sell shares worth more than $ 20 billion on Friday. The sales concerned shares in ViacomCBS, Techedu, Baidu and Discovery, among others.

Hwang is the founder of the already discontinued Tiger Asia Management and has been one of Nomura’s key brokerage clients.



Source site www.is.fi

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